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Hi.
Today, I'am sharing these comments from
my private email list
with the readers of the Metastock.com
list......
With market confusion going to reign high
this week.
I though you should 1st look at the QQQ
ON Balance Vol.
chart. I have added my own brand
of Elliott Wave counts.
It would appear to me, the corrective wave
up off the 1/3 LOW
is complete, a decline down will likely
engulf the market on or
shortly after 1/31. So the pattern looks
like a High 1/29, Low 1/30
which is a minor low could easily come
in late 1/29. Then
rally into FOMC date of 1/31 for a High.
Now, I don't think we
should see a price high above the prior
top. Thus, I am looking
for a double top pattern with the
1/31 High failing, or lower in
price. Then a decline into the 2/8 Low,
with another Low 2/22
looming ahead.
Alot could happen this week. I don't
think it will be for the faint of heart.
More later this evening to my own readers.
Enjoy the chart of the QQQ OBV.
Bud Fox
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